Key benchmark indices were trading with small gains after hovering in a small range in positive terrain in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex was up 35.55 points or 0.11% at 31,254.53. The Nifty 50 index was up 15.55 points or 0.16% at 9,630.55. Gains in index heavyweight Reliance Industries (RIL) contributed to firmness in indices.
The S&P BSE Mid-Cap index rose 0.41%. The S&P BSE Small-Cap index gained 0.6%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,322 shares rose and 612 shares fell. A total of 79 shares were unchanged.
Index heavyweight Reliance Industries (RIL) gained 1.87%.
Realty stocks rose for the second straight day. DLF (up 1.29%), D B Realty (up 1.62%), Sobha (up 3.65%), Indiabulls Real Estate (up 0.01%), Unitech (up 8.07%), Housing Development & Infrastructure (HDIL) (up 0.47%), and Omaxe (up 0.25%) edged higher. Godrej Properties declined 0.12%.
Metal & mining stocks gained for the second straight day triggered by private survey showing rebound in manufacturing activity in China. JSW Steel (up 1.78%), Bhushan Steel (up 0.37%), Hindustan Copper (up 0.85%), Vedanta (up 1.54%), Hindalco Industries (up 1.71%), Hindustan Zinc (up 2.17%), Jindal Steel & Power (up 1.17%), Tata Steel (up 0.44%), Steel Authority of India (Sail) (up 0.85%), National Aluminum Company (up 3.94%) and NMDC (up 0.71%) gained. China is the world's largest consumer of steel, copper and aluminum.
ICICI Bank rose 0.6% after the bank said that in pursuance of the proposed initial public offering of ICICI Lombard General Insurance Company, the joint venture agreement dated 4 October 2000-as amended/restated from time to time, entered among Fairfax Financial Holdings and ICICI Bank has been terminated pursuant to a termination agreement executed on 3 July 2017.
More From This Section
The termination agreement has customary provisions for protection of parties in the event of non-completion of the proposed initial public offering on or before a mutually agreed date. The announcement was made before market hours today, 4 July 2017.
On 5 June 2017, the bank had approved sale of a part of ICICI Bank shareholding in ICICI Lombard General Insurance Company in an initial public offering proposed to be undertaken by the company in accordance with applicable law.
Overseas, Asian stocks declined after North Korea launched a missile. North Korea launched a ballistic missile into the waters between Korea and Japan Tuesday morning its first such launch in more than a month which comes on the eve of Independence Day in the US.
Most US stocks rose yesterday, 3 July 2017 as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on US factories also boosted stocks.
American manufacturers are growing at the fastest pace in almost three years. The Institute for Supply Management said its manufacturing index rose to 57.8% in June from 54.9%. That's the highest reading since mid-2014.
Powered by Capital Market - Live News